Thursday 8 December 2016

Moody’s downgrades Bank of Ireland’s UK deposit division

Independent.ie reporters

Published 11/10/2011 | 12:58

Ratings agency Moody’s has downgraded the deposit rating of Bank of Ireland’s British division.

  • Go To

The move came on growing speculation that if the operations encountered problems, the Government there would not provide support.



The banks mortgage division there has is worth about €30bn and its large exposure to the UK, where property prices have also fallen, is perceived as a disadvantage.



Moody's said its decision to cut to Ba1/Not-Prime with a negative outlook from Baa3/Prime-3 follows is general cut in British banks ratings.



"Moody's has lowered to 0 from 2 the notches of systemic support it incorporates into BoI UK's long-term deposit rating," it said in a statement.



"We believe that there is an increased likelihood that the Irish government would provide support to BoI (UK) through BoI," Moody's said.



Read More

Promoted articles

Editors Choice

Also in Business